that is the process of acquiring information about events outside the organization to identify and interpret potential trends. there are 5 enviromental forcces business must monitor:
1) social (demographic shifts, culture changes)
2) economic( macroeconomic conditions, consumer income)
3) technological ( changing technology, technology's impact on customer value, Electronis business technology )
4) competitive ( alternative forms of competition, small business )
5) regulatory ( Laws protrecting competition, laws affecting marketing mix actions, self regulations)
the economy pertains to the income, expenditures, and resources that affect the cost of running a business or household. Economics forces include the strong relationship with consumer.
- Gross income
- Disposable income
- Descretionary income
1.pure competition ( every company has similar product)
2. monopolistic competition competition ( many sellers compete with substitutable products)
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